Avoidance: The Bankruptcy Code permits the debtor to eliminate (avoid) some kinds of liens that interfere with (or impair) an exemption claimed in the bankruptcy. Most judgment liens that have attached to the debtor’s home can be avoided if the total of the liens (mortgages, judgment liens and statutory liens) is greater than the value of the property in which the exemption is claimed. This is sometimes called “lien stripping.†For more, see Lien Avoidance and Lien Stripping.
EIC Exemption Pending in Kansas Legislature
Posted on February 3, 2008 Written by
A bill has been introduced in the Kansas legislature to exempt federal earned income tax credit. The law, if passed, would protect the funds from seizure by creditors.
Earned income credit is money the federal government gives to low-income individuals and families in the form of tax credit, which is paid in the form of a tax refund even if no taxes are paid or owed. [Read more…]
